Good afternoon, Can someone assist me with this accounting problem? I erased my

Question

Good afternoon, Can someone assist me with this accounting problem? I erased my answers because half were wrong. I would like to know the step by step directions to answer this question.

At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,900 and year liabilities of $6,300. During the year, liabilities decreased by $1,200. Net income for the year was $2,600, and net assets at the end of the year were $5,900. There were no changes in paid-in capital during the year Required: Calculate the dividends, if any, declared during the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity Assets Liabilities + PIC + RE Beginning: $ 11,900=$ Changes 6,300 + 1,200) +

Explanation / Answer

Beginning

Asset = Liabilities + Retained earning

11,900 = 6,300 + RE

RE = 11,900 - 6,300 = 5,600

Closing

Asset = 5,900

Liability = 6,300 - 1,200 = 5,100

RE = 5,900 - 5,100 = 800

Dividend

= opening + net income - Closing

= 5,600 + 2,600 - 800

= 7,400

Changes

Asset = 11,900 - 5,900 = - 6,000

Liabilities = - 1,200

RE = closing - opening

= 800 - 5,600 = - 4,800

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